By 2024, Global Sales Revenue of Absorption Chillers is Expected to be Valued at US$ 1.93 Bn – Persistence Market Research

September 2400:202016

Absorption Chillers Market Value Share by Application

PMR projects the global absorption chillers market to witness moderate growth during the forecast period 2016–2024. APAC will continue to remain the largest market for absorption chillers, registering a CAGR of 6.4% during the forecast period.

According to the latest market report published by Persistence Market Research, titled “Global Market Study on Absorption Chillers,”Global demand for absorption chillers market is estimated to reach 12,203 units in 2016, up from 11,875 units in 2015. Demand is expected to be impeded by lacking technical know-how regarding absorption chillers maintenance and high installation cost, thereby leading to longer payback period.

The chemical segment is expected to continue to remain the largest application segment, accounting for 2,442 units in terms of volume in 2016, a Y-o-Y increase of 2.5% over 2015. Use of absorption chillers in the food & beverages application segment is expected to continue its upward momentum in 2016, growing at 4.8% in terms of volume – the fastest among all the application segments.

The non-industrial segment is expected to register highest CAGR in terms of unit volume, accounting for 1,342 units in 2016 and reaching a value of US$ 134.2 Mn. Use of absorption chillers in the food & beverages industry is also expected to continue steadily, as combined heat & power (CHP) systems are gaining traction. Demand will be offset by sluggish adoption in end-use industries due to lacking consultation and training services regarding maintenance and operation of absorption chillers. Consumption demand for absorption chillers from the industrial segment will witness a growth rate of 4.9% in 2016 over 2015.

Asia-Pacific is expected to remain the largest market for absorption chillers, reaching a value of US$ 387.4 Mn in 2016, up from US$ 369.7 Mn in 2015. This is primarily due to an expansion of end-use industries such as chemicals, pharmaceuticals, food & beverages, and power in APAC. MEA will continue to offer growth opportunities to manufacturers, with global demand expected to witness a 2.7% volume growth in 2016 over 2015. Demand is expected to be constrained in mature markets of North America and Western Europe in 2016 as well.